By Mary Izuaka

 

Nigeria’s annual inflation rate increased to 15.38 per cent in March as residents of Africa’s most populous country grappled with a cost of living crisis.

According to the National Bureau of Statistics (NBS), released on Wednesday, the March 2026 headline inflation rate showed an increase of 0.32 per cent compared to the February 2026 Headline inflation rate.

“In March 2026, the Headline inflation rate rose to 15.38 per cent, up from 15.06 per cent in February 2026 and stood 27.35 per cent in the same month of the preceding year (March 2025),” the NBS said.

On a month-on-month basis, the bureau said, the headline inflation rate in March 2026 was 4.18 per cent, which was 2.17 per cent higher than the rate recorded in February 2026 (2.01 per cent).

This, it said, means that in March 2026, the rate of increase in the average price level was higher than the rate of increase in the average price level in February 2026.

Inflation indicators compare prices of goods and services over 12 months. A decline does not necessarily imply a reduction in prices; instead, it shows the rate of price increase had fallen compared to previous months.

The NBS said the Consumer Price Index (CPI) increased to 135.4 in March 2026, reflecting a 5.4-point increase from the preceding month (130.0).

It explained that the percentage change in the average CPI for the twelve months ending March 2026 over the average for the previous twelve-month period was 20.05 per cent, showing a 1.48 per cent increase compared to 18.58 per cent recorded in March 2025.

READ ALSO: Nigeria’s inflation rate eases to 15.06% in February – NBS

Food inflation

The NBS said the food inflation rate in March 2026 was 14.31 per cent on a year-on-year basis and stood at 25.22 per cent in the same month of the preceding year (March 2025).

However, it said on a month-on-month basis, the food inflation rate in March 2026 was 4.17 per cent, down 0.52 percentage points from February 2026 (4.69 per cent).

This, it said, can be attributed to the rate of change in the average prices of yam, ginger (fresh), cassava tuber, groundnuts (shelled), irish potatoes, avenger (ogbono/apon)-dried ungrinded, tomatoes (fresh), cassava flour sold loose, etc.

“The average annual rate of Food inflation for the twelve months ending March 2026 over the previous twelve-month average was 18.21 per cent, which was 17.81 per cent points lower compared with the average annual rate of change recorded in March 2025 (36.02 per cent),” the NBS said.